GENERAL ASSEMBLY OF NORTH CAROLINA
SESSION 2013
SESSION LAW 2014-87
HOUSE BILL 1059
AN ACT To modify the New hanover occupancy tax.
The General Assembly of North Carolina enacts:
SECTION 1. Section 7(d) of S.L. 2006‑167 reads as rewritten:
"SECTION 7.(d) Distribution
and Use of Tax Revenue. – New Hanover County District U shall deposit one
hundred percent (100%) of the net proceeds of the room occupancy and tourism
development tax levied under this section into a special fund, the cash balance
of which shall be deposited at interest or invested in accordance with G.S. 159‑30.
These funds shall be used only for beach nourishment. distribute and use
the net proceeds of the room occupancy and tourism development tax levied under
this section as set out in this subsection. In accordance with the North
Carolina Constitution and the United States Constitution, the tax proceeds may
be used only for the direct benefit of the jurisdiction of New Hanover District
U. None of the proceeds may be used for beach nourishment in areas within
New Hanover County that are outside of the district.As used in this
subsection, the term "Authority" means the Cape Fear Coast Convention
and Visitors Bureau, which has been established as a tourism development
authority.
(1) Proceeds collected prior to July 1, 2014. – Within 30 days of the effective date of this act, New Hanover County District U shall remit to the Authority the net proceeds of the tax that have been collected by the district prior to July 1, 2014. The Authority shall use one hundred percent (100%) of the funds remitted to it under this subdivision for tourism‑related expenditures in the district.
(2) Proceeds collected on or after July 1, 2014. – New Hanover County District U shall, on a quarterly basis, remit to the Authority the net proceeds of the tax collected by the district on or after July 1, 2014. The Authority shall use at least two‑thirds of the funds remitted to it under this subdivision for tourism promotion and shall use the remainder for tourism‑related expenditures in the district."
SECTION 2. This act is effective when it becomes law.
In the General Assembly read three times and ratified this the 25th day of July, 2014.
s/ Philip E. Berger
Presiding Officer of the Senate
s/ Thom Tillis
Speaker of the House of Representatives